Shucks! It’s Only 714 Million of Your Dollars

The Los Angeles Times informs us that, although the voters of California approved the sale of $714 million in bonds that were to finance housing, and the bonds have been sold, none of the projects that were to be financed by them have gotten off the ground. Shane Goldmacher, Logjam Stalls Housing Projects, Los Angeles Times, March 30, 2010, at p. AA1.

What caught our eye in particular is the dispatch that one of those projects that haven’t been started is a $32.29 million, 535 unit housing development located at Hollywood Boulevard and Vine Street, which, if memory serves us, is the site of a controversial redevelopment project for which land was taken  by eminent domain not too long ago, and — if we are right on that one — has been just sitting there.

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